It has come to my attention via my IFA that my Hockley the law firm I have appointed is not on the bank Solicitor panel. What can I do to be sure if this is correct?
Your first step should be to contact your Hockley conveyancer. It is reasonable to expect your lawyer to inform you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
What does my ID and proof of funds have anything to do with my conveyancing in Hockley? Why is this being asked of me?
It is indeed that case that these requests have nothing to do with conveyancing in Hockley. However these days you will not be able to complete any conveyancing deal if you have not submitting evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a council tax bill. Please note that if you are providing your driving licence as proof of identification it needs to be both the paper element and photo card part, one is not acceptable without the other.
Verification of the origin of money is necessary in accordance with the Money Laundering Regulations. Please do not be offended when you are asked to produce this as your lawyer will need to have this information on record. Your Hockley conveyancing solicitor will need to see evidence of proof of funds prior to accepting any funds from you into their client account and they may also ask additional queries concerning the origin of monies.
I am the sole beneficiary of my late father’s will and I have everything in my name alone, including the my former home in Hockley. Conveyancing formalities meant that the Land Registry date was in June. I want to move. I do know about the CML six month 'rule', which means that my proprietorship could be considered the same way as if I'd bought the property in June. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view lenders take of it, depend on the bank as this clause chiefly exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
We have agreed to purchase a house in Hockley. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that your lender is Virgin Money your lawyer must comply with the formal instructions set out in Part two of UK Finance Lenders’ Handbook for Virgin Money. The Council of Mortgage Lenders’ Handbook stipulates minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Virgin Money where a lease fails to comply with these requirements. The conditions relate to the installation of panels on properties countrywide and is not restricted to Hockley.
It is not clear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Hockley bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Hockley conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I have no idea who is right.
The property lawyer has to comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Should our conveyancer be making enquiries about flooding as part of the conveyancing in Hockley.
Flooding is a growing risk for solicitors dealing with homes in Hockley. Plenty of people will purchase a property in Hockley, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, but there are a numerous searches that may be initiated by the buyer or by their lawyers which will figure out the risks in Hockley. The conventional set of information given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to find out whether the property has historically flooded. If flooding has previously occurred which is not revealed by the vendor, then a buyer may commence a compensation claim resulting from an inaccurate response. The buyer’s solicitors may also carry out an enviro search. This will reveal if there is any known flood risk. If so, more detailed inquiries will need to be made.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, no chain conveyancing. Hockley is the location of the property. Is there any guidance you can impart?
Flying freeholds in Hockley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hockley you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hockley may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What does commercial conveyancing in Hockley cover?
Non domestic conveyancing in Hockley incorporates a wide range of advice, supplied by qualified solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.